Australia Launches ‘Innovation Visa’ to Attract Global Talent

Members of the public are seen with the Sydney Opera House in the background in Sydney, Australia on Nov. 26, 2024. AAP Image/Bianca De Marchi

Australia has unveiled its National Innovation Visa (NIV) targeting highly skilled individuals in key sectors.

The program will replace the Global Talent Independent (GTI) program by the end of this year, and follows the Albanese government’s decision to scrap the millionaire migration program, known as the “Golden Ticket” in January this year.

Eligibility Criteria and Application Process

The eligibility requirements for the NIV remain largely the same as those of the GTI program.

Applicants must submit an Expression of Interest (EOI) and be invited to apply for the visa. They must also be nominated by an individual or organisation in Australia operating in the same professional field.

Prospective candidates are required to demonstrate an internationally recognised record of achievement and show they are prominent in their respective fields, including researchers, investors, entrepreneurs, creatives, and athletes.

While there are no strict age limits, those under 18 or over 55 must provide evidence that their contributions would offer exceptional benefit to Australia.

The visa comes with a processing fee starting at $4,840.

“Known for its prosperity, stability, and cultural diversity, Australia is not only a sought-after lifestyle destination but also a hub for innovation,” said Ian Horsburgh, director at Henley and Partners, in an interview with The Epoch Times.

“The new National Innovation Visa (NIV) offers a unique opportunity for highly skilled individuals interested in permanent residence in Australia.”

Impact of the Golden Ticket Cancellation

Australia’s decision to scrap the Golden Ticket program left a gap in the country’s migration offerings for wealthy investors.

The Golden Ticket allowed high-net-worth individuals to bypass traditional immigration processes, but it was shut down due to concerns over its inefficiency and potential misuse for money laundering.

The cancellation of the program led many major investors to seek opportunities in other countries, raising concerns about Australia’s competitive edge in attracting top talent.

Global Wealth Movement Still Strong

According to the World Wealth Migration Report, 2024 was a landmark year in global wealth migration. The report had predicted that a record 128,000 millionaires will relocate worldwide, surpassing the previous high of 120,000 in 2023.

This surge is attributed to increasing geopolitical tensions, economic instability, and social upheaval in various parts of the world.

According to Henley and Partners, Australia ranked fifth as the most preferred destination for millionaire migrants in 2023, with a net inflow of 2,500 high net worth individuals. This number had been growing steadily, with a 35 percent increase over the past decade.

Globally, wealth migration has also moved to other countries like New Zealand, which topped the “Safe Haven 8” list, along with nations like Switzerland, Singapore, and the United Arab Emirates.

These countries are viewed as secure havens, insulated from the world’s political and economic turmoil.